November 2025 – European cryptocurrency firm CoinShares has filed with the U.S. Securities and Exchange Commission (SEC) to withdraw its registration statements for three planned exchange-traded funds: XRP ETF, Solana staking ETF, and Litecoin ETF. The move comes as the company shifts focus to higher-margin opportunities ahead of its planned U.S. listing.

CEO Jean-Marie Mognetti explained that as the U.S. market consolidates around large players in single-asset crypto exchange-traded products (ETPs), opportunities for differentiation and sustainable margins are limited, requiring a “different playbook.”

In addition, CoinShares is winding down its Bitcoin futures leveraged BTFX ETF, further signaling a strategic realignment.

Looking ahead, the company aims to introduce new products to the U.S. market over the next 12 to 18 months, including crypto equity exposure vehicles, thematic baskets, and actively managed strategies that combine crypto with other asset classes.

CoinShares, founded in 2013 and focused exclusively on crypto, had approximately $10 billion in assets under management as of September 2025, with operations in France, Sweden, the UK, and the U.S. In September, the company agreed to list on Nasdaq through a $1.2 billion merger with special purpose acquisition company Vine Hill Capital Investment Corp (VCIC).

The withdrawal of these ETF plans reflects CoinShares’ strategy to prioritize products with greater differentiation and sustainable revenue potential in the increasingly competitive U.S. crypto market.